In a letter to Howard Flight MP, I formulated the amendment that we are seeking as follows:
has been found
That there is no supervisory body to penalise banks when they break the
Neither the FSA, Bank of England or the Treasury take on individual cases
where customers of banks are seeking justice
Banks seek settlements out of court for they fear bad publicity
The Banking Ombudsman is exceedingly inefficient in handling problems and
only achieves 2% settlements while Bank Victim groups reach settlements
for nearly all of their victims sums
up to £7.7 million have been mentioned!
The objective of the
amendment that we are seeking is therefore to ensure that:
customers of the day-to-day
business of banks who suffer from bad
lending, mis-selling or
over-charging are receiving adequate satisfaction from the FSA
banks with their often rather devastating practices are not
beyond the law.
The amendment is now being tabled by Lord Ahmed on behalf of Lord Caithness while he is travelling in Canada.